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Stake (online casino)

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Not to be confused with Stake (platform).

Stake
IndustryGambling
Founded2017 (2017)
Headquarters
Curaçao Edit this on Wikidata
Key people
Mladen Vučković (CEO)[1]
RevenueUS$2.6 billion (2022)[2]
Websitestake.com

Stake is an Australian-Curaçaoan online casino operated by Medium Rare NV, a company incorporated in Curaçao that holds an online casino licence.[3][4] Stake is a global company with offices in Serbia, Australia, Cyprus and staff globally.[5]

History

[edit]

In 2016, Ed Craven and Bijan Tehrani established Easygo, a company that developed games for online casinos.[3] The two co-created Stake, which was launched in 2017.[3]

In December 2021, Stake expanded to the United Kingdom through a partnership with TGP Europe.[6]

On 1 August 2022, Stake.us was launched as a separate site for U.S. residents.[7][8]

In June 2023, a federal judge in Manhattan dismissed a $580 million lawsuit against Stake due to jurisdictional issues. The plaintiff, Christopher Freeman, an early associate of Craven and Tehrani, claimed that he had been excluded from the business and mislead using illegal tactics.[9][10]

On 4 September, 2023, over US$41 million was stolen from one of Stake's Ethereum wallets in a hacking incident.[11] The Federal Bureau of Investigation attributed the attack to North Korea's Lazarus Group.[12]

In November 2024, Stake announced that they purchased the Italian company Baldo Line SRL in a strategic move to help Stake increase their influence in Italy trough the brand Idealbet.[13]

Offerings

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Stake offers traditional casino games (such as slots, blackjack and roulette) and sports betting.[3][14] It offers video streams with live dealers.[3]

Users at Stake generally transact in cryptocurrencies rather than traditional currencies for their betting accounts.[3] Account balances can be withdrawn in the equivalent value of cryptocurrency and then deposited back into the user's personal cryptocurrency wallet.[3] Users of Stake's UK site deal only in fiat currency.[6]

Sponsorships

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Stake has invested in sponsorship deals across several sports, including with UFC fighter Israel Adesanya,[15] English football teams Gillingham, Watford, Everton,[16][17] Indian football club Mumbai City,[18] USA Cricket,[19] Argentine footballer Sergio Agüero,[20] Formula One reserve driver Pietro Fittipaldi and his brother, Formula 2 driver Enzo Fittipaldi,[21] Canadian musician Drake,[22] and the Gennady Golovkin vs. Ryōta Murata boxing match.[23] Stake is also sponsoring UFC Light Heavyweight champion Alex Pereira and Puerto Rican rapper Anuel AA.

Zhou Guanyu and Valtteri Bottas in their Stake F1 Team Kick Sauber cars at the 2024 Chinese Grand Prix.

Stake garnered publicity in 2022 via advertising deals with streaming personalities such as Trainwreckstv, xQc, and Drake, under which they were provided with credit to gamble during streams on Twitch. The surge in gambling streams tied to these deals and others led to scrutiny, resulting in Twitch announcing in September 2022 that it would prohibit streams of online slots, roulette and dice games on services that are not licensed to operate in the United States or "other jurisdictions that provide sufficient consumer protection"—a ban that would include Stake.[7][24][25] Craven and Tehrani subsequently launched a competing livestreaming service known as Kick as a sister company, which would differentiate itself by promising higher revenue splits to streamers than Twitch, and looser content guidelines—especially in regards to gambling streams.[25]

In January 2023, the Alfa Romeo F1 Team announced that Stake would be their title sponsor in a multi-year deal, with the team renamed to "Alfa Romeo F1 Team Stake".[26] In 2024, the sponsorship deal continued with Sauber after Alfa Romeo's departure from Formula One at the end of the 2023 season, with the team operating as "Stake F1 Team Kick Sauber".[27] Stake logos on the team's livery are replaced with those of Kick during selected races, particularly those held in countries where Stake cannot be advertised due to local laws.[28][29]

A Stake watermark, like those placed under X content.

In late-2024, it was reported that Stake had partnered with a number of content aggregator accounts on X, which repost viral images and videos taken from other users (sometimes in a plagiarized form), and are edited to include an additional watermark advertising Stake. The UK Advertising Standards Authority stated in October 2024 that it had been made aware of the advertising and was monitoring it. The ads may be a violation of X's terms of service for paid partnerships, while they may run afoul of advertising codes restricting the marketing of gambling products where minors may be present. The watermarks have been satirized as an internet meme by social media users, including posts that include excessive numbers of Stake logos for comedic effect, or similar posts with logos for other companies (such as Dave & Buster's).[30][31][7]

See also

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References

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  1. ^ Fletcher, Robert (10 February 2022). "Stake.com extends UFC LatAm partnership to cover Brazil". iGaming Business. Retrieved 27 April 2022.
  2. ^ "Stake Crypto Casino Resumes Operations After $41M Exploit", finance.yahoo.com
  3. ^ a b c d e f g Danckert, Sarah (10 December 2021). "The secret Australian origins of the world's biggest crypto casino". The Sydney Morning Herald. Retrieved 25 April 2022.
  4. ^ "Medium Rare N.V. :: Curaçao :: OpenCorporates". opencorporates.com. Retrieved 12 September 2023.
  5. ^ Begley, Patrick (22 February 2024). "Stake: Inside Edward Craven's 'money machine'". The Sydney Morning Herald. Archived from the original on 21 February 2024. Retrieved 15 April 2024.
  6. ^ a b Orme-Claye, Ted (17 December 2021). "Stake.com commences UK sports betting and casino operations". SBC News. Retrieved 25 April 2022.
  7. ^ a b c Carry, Owen (14 November 2024). "Why This Crypto Casino Wants to Steal Your Best Memes". Slate. ISSN 1091-2339. Retrieved 29 November 2024.
  8. ^ Chaser, Bitcoin (2 August 2022). "Stake.us Casino Officially Launched For US Players". BitcoinChaser. Retrieved 22 January 2024.
  9. ^ Danckert, Sarah (27 June 2023). "Australian-based Stake.com founders dodge $580 million claim". The Sydney Morning Herald. Retrieved 5 September 2023.
  10. ^ Davies, Rob; Rosca, Matei (3 September 2022). "Crypto gambling site that sponsors Everton FC hit with $400m lawsuit". The Guardian. ISSN 0261-3077. Retrieved 5 September 2023.
  11. ^ Mason, Max (5 September 2023). "More than $60m stolen from Young Rich Lister's crypto casino". Australian Financial Review. Retrieved 5 September 2023.
  12. ^ Mason, Max (8 September 2023). "North Korea behind $60m heist from Young Rich Lister's crypto casino". Australian Financial Review. Retrieved 9 September 2023.
  13. ^ "Stake covers €7 million fee to relaunch Idealbet Flagship in Italy". Gameongazette.com. 19 November 2024. Retrieved 19 November 2024.
  14. ^ Danckert, Sarah (17 March 2022). "Australian casino donates to Ukraine but questions remain over Russian gamblers". The Sydney Morning Herald. Retrieved 25 April 2022.
  15. ^ Orme-Claye, Ted (20 January 2021). "The UFC's middleweight king combines with Stake.com". Insider Sport. Retrieved 27 April 2022.
  16. ^ Hunt, Holly (22 July 2021). "Watford inks 'club-record' principal partnership with Stake.com". Insider Sport. Retrieved 27 April 2022.
  17. ^ Thomas, Joe (9 June 2022). "Everton new shirt sponsor revealed as 'record' deal struck with gambling firm". Liverpool Echo. Retrieved 18 June 2022.
  18. ^ "Mumbai City FC Announce Stake News As A Principal Partner". Mumbai City FC. 16 August 2022. Archived from the original on 18 August 2022. Retrieved 18 August 2022.
  19. ^ "USA Cricket Partners With Stakes For Sponsorship Of The USA Vs. Nepal Series". Athlon Sports. 16 October 2024. Retrieved 18 October 2024.
  20. ^ Sale, Jessie (1 February 2022). "Stake.com signs Sergio Aguero to boost global brand visibility". SBC News. Retrieved 27 April 2022.
  21. ^ Fletcher, Robert (15 March 2022). "Stake.com links up with motorsports' Fittipaldi brothers". iGaming Business. Retrieved 27 April 2022.
  22. ^ "Drake to host exclusive live streams on Stake.com". SBC News. 3 March 2022. Retrieved 4 May 2022.
  23. ^ Ross, James (29 March 2022). "Stake.com enters the ring to sponsor the 'Big Drama' in Japan". CasinoBeats. Retrieved 27 April 2022.
  24. ^ Parrish, Ash (20 September 2022). "Twitch to ban Stake.com streams and other unlicensed gambling content". The Verge. Retrieved 29 November 2024.
  25. ^ a b Browning, Kellen (2 December 2023). "Gambling, Risky Pranks and Lucrative Contracts: Inside the Streaming Site Kick". The New York Times. Retrieved 29 November 2024.
  26. ^ "Alfa Romeo confirm new title sponsor and team name change ahead of 2023 season | Formula 1®". formula1.com. Retrieved 28 January 2023.
  27. ^ Cooper, Adam (1 January 2024). "Renamed Stake F1 team reveals new logo". Motorsport.com. Archived from the original on 1 January 2024. Retrieved 1 January 2024.
  28. ^ Brittle, Cian (4 January 2024). "Sauber to alternate F1 team name between Stake and Kick". BlackBook Motorsport. Retrieved 7 January 2024.
  29. ^ Lawrence, Dan (5 January 2024). "Sauber to switch between Stake and Kick F1 branding in 2024 and '25". Motorsport Week. Retrieved 7 January 2024.
  30. ^ "ASA to monitor surge of 'Stake' watermarks on social media". InsiderSport. 11 October 2024. Retrieved 3 November 2024.
  31. ^ Kleen, Brendon (30 October 2024). "X users highlight Stake-sponsored posts that appear to violate platform's paid partnerships policy". Awful Announcing. Retrieved 4 November 2024.
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